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Formula E is on track financially, with NYC race coming up

LONDON - Formula E could be breaking even already were it not investing for the future, chief executive Alejandro Agag said on Monday after the electric motor racing series reported continuing losses in its latest annual accounts. Accounts filed at Companies House showed Formula E Operations Ltd reduced its operating loss to 33.7 million euros ($38.32 million) at end-July 2016, a period covering its second season, from a previous 62.7 million. Net liabilities rose to 107.2 million euros from 72.1 million, while total revenues reached 56.6 million from a previous 19.7 million. "Everything is going according to plan," Agag, whose city-based series will be racing in New York for the first time on July 15 and 16, told Reuters in an interview at his London offices. "Actually we are doing incredibly well financially according to our plan. "We could have broken even this year but we decided to invest more in marketing and promotion. We decided to add races like the one in New York, which is in year one a race which is costing, we have significant capital expenditure." "It's really up to us when we want to go to break even or not. We could be in break-even now, we could be in break-even next season but we may decide to invest more in marketing and promotion." Agag said the shareholders, including John Malone's Liberty Global and Discovery Communications, were supportive of the strategy and the series had attracted more investors, sponsors and car manufacturers. The New York races will be held in Brooklyn's Red hook neighborhood, with lower Manhattan and the Statue of Liberty as a backdrop with technology partner Qualcomm securing the naming rights. MANUFACTURER INTEREST Agag, whose series plays down competition with Liberty Media-owned Formula One, said more carmakers were set to join a series increasingly aligned with their commercial focus. "I think Formula E has become the preferred destination for manufacturers and there are a few reasons for that," said the Spaniard. "Obviously, one is that it is electric and manufacturers are more and more focusing on electric cars...and we are the only platform really to help them promote that technology and those types of cars. "And second, because of the cost. The cost of the team in Formula E is very moderate." Whereas top Formula One teams can burn through $300 million a year, as can the likes of Toyota in the World Endurance Championship, the budgets of successful Formula E teams are between 10 and 15 million.

2019 Jaguar I-Pace First Drive Review | A taste of Jag's EV crossover

This is literally our first drive of the 2019 Jaguar I-Pace electric crossover. It lasted about 2 minutes and occurred on a tiny autocross in a frigid parking lot in New Jersey, but if we're to split hairs, it is indeed the first time we've piloted this revolutionary EV SUV-ish vehicle from a company better known for barking exhausts and slinky sport coupes. While the rest of the automotive press was gallivanting about Manhattan prior to the New York Auto Show, a select few were bused out to Jaguar-Land Rover's new corporate headquarters in Mahwah, N.J. It was there we saw the world debut of the new F-Pace SVR, the North American debut of the Range Rover SV Coupe, and got our first real taste of the I-Pace. The chief impression is that it feels much smaller than its exterior dimensions would indicate, maneuvering quickly and effortlessly without a hint of roll. Credit the wheels pushed out to the absolute corners and a low center of gravity, both the result of Jaguar's decision to fully embrace the packaging and engineering possibilities of an electric powertrain. The steering was perhaps not as feelsome as other Jaguars, but again, who really knows? Two minutes, parking lot, etc. In terms of power, it sure is an electric car. Smooth, quick and quiet, but with so little space to work with, there would've been little noticeable difference between the 394-horsepower I-Pace and the 147-hp Nissan Leaf currently sitting in my driveway. Its estimated range of 240 miles on the EPA cycle? Uh, it was good enough for an afternoon of journalists driving in circles. What I can definitively declare, however, is that the 2019 I-Pace boasts far superior interior quality than every Tesla I've driven. It's also, just as important, a considerable leap forward in terms of materials quality and design from the rather dull and disappointing current Jaguar litter of F-Pace, XF and XE. For instance, leather or leatherette always cover the dash (versus the rubbery stuff found in lower F-Pace, XF and XE trim levels), while there was clearly an effort made to visually spruce things up. The dual-screen center console controls first seen on the Range Rover Velar also appear for the first time in a Jaguar, as does a unique push-button shifter ( though I still prefer a properly utilized rotary). This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Jaguar Land Rover partners with Nvidia for vehicle electronics and software

DETROIT — Luxury automaker Jaguar Land Rover and Silicon Valley artificial intelligence company Nvidia said Wednesday they will collaborate to develop the computer brains and nervous systems for Jaguars and Land Rovers launching in 2025 and beyond. The companies did not disclose financial terms of their multiyear agreement. The collaboration is a high-profile win for Nvidia Corp's effort to expand its reach in the auto industry, building on its base in gaming, artificial intelligence and high-powered chips and software used in servers. For Jaguar Land Rover Automotive, the partnership with Nvidia gives it a well-funded ally as it tries to catch up with Tesla and other luxury vehicle rivals in a digital technology arms race. "We can now accelerate our in-vehicle software," Francois Dossa, JLR's executive director for strategy, said during a conference call. Working with Nvidia engineers, Jaguar Land Rover plans to develop vehicles that can drive themselves under certain conditions, park autonomously and provide more information and software-powered features to drivers, the companies said. The new Jaguars will be upgradable — as Tesla vehicles are today. The automaker said it will use Nvidia technology to power simulations used to train autonomous vehicles. Jaguar Land Rover has a previous deal with Alphabet Inc's Waymo unit to deploy autonomous driving technology. Dossa said the Waymo collaboration was limited to the Jaguar I-PACE electric SUV. The Nvidia alliance covers all Jaguar and Land Rover models to be launched from 2025. Nvidia technology will act as the brains and the nervous system of Jaguar Land Rover vehicles starting in 2025, said Nvidia's vice president of automotive, Danny Shapiro. Nvidia last month announced deals with several Chinese electric vehicle brands. The company has said it has $8 billion in automotive business booked over the next six years. Shapiro said the company will update the figure during an investor day scheduled for March 22. Jaguar Land Rover, a subsidiary of India's Tata Motors Ltd has been struggling with rising costs and semiconductor shortages. Jaguar Land Rover reported a narrow pretax profit for the quarter ended Dec. 31, but Tata Motors reported a larger quarterly loss than expected. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Jaguar Land Rover Technology Autonomous Vehicles nvidia